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23.01.2022 To all of our clients and followers, stay safe and look after yourselves and your loved ones. We'll see each other again on the 'other side' of this lock down. Key Finance is still open-for-business as usual (albeit slightly different work arrangements) so don't hesitate to reach out. Sincerely, ... the Key Finance Team. See more

18.01.2022 What is a repayment pause? It will vary depending on the provider, but broadly speaking a repayment pause means you can ask for a pause in home loan repayments for between three and six months. During the repayment pause, unpaid interest will be capitalised monthly, which means it will be added to your loan balance....Continue reading

18.01.2022 "The Royal Commission got it wrong" - Chair of the Committee on Economics https://www.theadviser.com.au//40507-hayne-got-it-wrong-co

12.01.2022 What to do if your income has taken a hit Before you take up your bank’s offer to temporarily freeze your mortgage repayments, it’s important to be fully aware of the implications. First up I will say that while it’s tempting to take banks up on their offer of a home loan repayment freeze, my general advice is to be cautious and do what you can to keep your loan repayments up for as long as possible, says broker and founder of Blackk Finance Victor Kalinowski.... Kalinowski says a broker can walk you through other options, which might include switching to the minimum required payment, reverting to interest-only payments and consolidating other debts at higher interest rates into your home loan to reduce your overall repayments. You could also redraw advanced repayments or use savings to cover your loan. People will often feel bad about dipping into funds reserved for an emergency, but if there’s ever an emergency, then this is it, he says. That’s what a buffer is for, so don’t feel bad. When things return to normal, you can build up your buffer again. For those without savings or for whom these measures aren’t applicable, your broker can help explain your bank’s relief packages. Most lenders are offering three or six-month payment deferrals and nearly every lender will add the accrued, unpaid interest to your loan balance, increasing the amount left to be paid when you come off the freeze.

06.01.2022 Concerned about servicing your loans? If you are concerned about servicing your loan, reach out to your local mortgage broker for help. As Australians everywhere take a close look at their financial circumstances, mortgage brokers stand ready to lend a helping hand.... Whether experiencing financial hardship through job loss, a reduction in work hours, or business disruption, an increasing number of Australians may be struggling to balance their books as a result of the Coronavirus, and in many cases are wondering how they will continue to pay the bills. Difficulty with repayments According to research conducted by Finder in early 2020, about one in five mortgage borrowers, or about two million Australian households, were struggling to make repayments, despite record low interest rates. And with the challenging circumstances that have emerged since, it is anticipated that these pressures will only increase forcing more people to require financial assistance. Financial relief strategies In this difficult time lenders have responded by announcing financial relief strategies. In an official Australian Banking Association (ABA) statement, CEO Anna Bligh said, Banks stand ready to support customers and if anyone is in need of assistance, they shouldn’t wait but come forward as soon as possible. Different lenders have different assistance options. These may include, waiving fees on early term deposit withdrawals, interest rate freezes on loans, options to defer or restructure home loan repayments, and emergency credit card limit increases. It is important to remember that mortgage brokers have the knowledge, experience and relationships necessary to assist people experiencing or expecting to have trouble paying their home loans as a result of changing circumstances. In times like these, the importance of mortgage brokers in assisting customers with hardship and facilitating access to credit cannot be overstated. For many Australians particularly those in rural or regional areas brokers may represent the only source of assistance. Banks stand ready to support customers and if anyone is in need of assistance, they shouldn’t wait but come forward as soon as possible. Anna Bligh, ABA 2020 Expertise of brokers is of critical support Brokers’ expertise in helping customers navigate the complex home lending market and their intimate understanding of their customers’ personal circumstances - means they are uniquely positioned to provide critical support for customers when discussing hardship and available options with lenders. If you have any questions or concerns about your existing loans, need further guidance on hardship assistance, or have other questions about your loan arrangements please call out to me.